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The Fidelity Self Employed 401(k) Contribution Remittance Form is a vital tool for individuals managing their retirement savings while operating a business. This form facilitates the submission of contributions to a Fidelity Self-Employed 401(k) account, ensuring that those contributions are allocated correctly according to various employee and employer contribution types. Attention to detail when filling out this form is crucial; users must provide accurate employer information, specify contribution amounts, and designate whether payments go toward employee 401(k) contributions or employer profit-sharing contributions. Given that contributions can be subject to a four-business-day clearing period, timely completion is essential to meet annual contribution limits. The form also underscores the importance of compliance with contribution guidelines and deadlines, placing the responsibility on the user to allocate funds appropriately to prevent delays. For assistance, Fidelity offers accessible resources through its website and customer support hotline. Retaining a copy of the filled form is recommended for one’s records, ensuring that all information is verifiable and clear for future reference.
Form Sample
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Questions? Go to Fidelity.com/smallbusiness or call
Use this form to submit contribution deposits to your Fidelity
Make check(s) payable to Fidelity Investments and mail to:
•Regular mail: Fidelity Investments, P.O. Box 770001, Cincinnati, OH
•Overnight mail: Fidelity Investments, 100 Crosby Parkway, KC1H, Covington, KY 41015
Helpful to Know
• Be sure to indicate below how to allocate contributions for each |
limits are not exceeded. Refer to Fidelity.com/smallbusiness for |
plan participant to the applicable contribution sources: Employee |
applicable limits. |
401(k) and/or Employer Profit Sharing Contributions. |
• Contributions will be deposited in each participant’s core |
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• If we are unable to allocate contributions to the sources |
account. Participants can place a trade in their account by going |
indicated, we will deposit them as Employer Profit Sharing |
to Fidelity.com or by calling Fidelity. |
Contributions, and will then contact you on how to resolve them. |
• Please keep a copy of your completed contribution remittance |
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• Note: It is your responsibility to separately account for each of the |
form for your records. |
two different contribution types to ensure that applicable annual |
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1. Employer Information
Employer Name (i.e., Company Name)
Employer Tax ID Number
Plan Administrator
Daytime Phone
Extension
2.Contribution Information All deposits may be subject to a
Employee Name |
Fidelity Account Number |
Employee 401(k) Contribution |
Employer Profit Sharing |
Total Contribution |
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Contribution (CCR)* |
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Current Year (CYP) |
Prior Year (PYP) |
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$ |
$ |
$ |
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$ 0.00 |
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$ |
$ |
$ |
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$ 0.00 |
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$ |
$ |
$ |
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$ 0.00 |
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*To the extent applicable, include any safe harbor nonelective contributions. |
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Total $ 0.00 |
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3. Authorization
By signing below, you:
•Understand that you are required to comply with applicable contribution limits and deadlines.
•Hereby authorize Fidelity Brokerage Services LLC (“Fidelity”) to deposit the dollar amounts to the designated account(s), as instructed above.
•Understand that it is your responsibility to allocate contributions to the appropriate employee and contribution source correctly. Failure to clearly designate a contribution type may result in the entire check being returned to you for further instructions, for which Fidelity will not be responsible for delay(s) in contributions.
•Agree to fully indemnify and hold Fidelity and its affiliates harmless for any liability that may arise from Fidelity acting upon your instructions.
PRINT PLAN ADMINISTRATOR OR EMPLOYER NAME
PLAN ADMINISTRATOR OR EMPLOYER SIGNATURE
SIGN |
X |
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DATE MM/DD/YYYY
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On this form, “Fidelity” means Fidelity Brokerage Services LLC and its affiliates. Brokerage services are provided by Fidelity Brokerage Services LLC, Member NYSE, SIPC. 390265.5.0 (06/17)
1.785683.106 |
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Document Specifications
| Fact Name | Fact Detail |
|---|---|
| Form Purpose | This form is designed for submitting contribution deposits to a Fidelity Self-Employed 401(k) account. |
| Mailing Addresses | Contributions can be sent via regular mail to P.O. Box 770001, Cincinnati, OH 45277-0003, or via overnight mail to 100 Crosby Parkway, KC1H, Covington, KY 41015. |
| Allocation Responsibility | It is the user’s responsibility to allocate contributions correctly. Failing to do so may result in contributions being deposited as Employer Profit Sharing. |
| Clearing Period | All deposits are subject to a four-business-day clearing period before being available in the account. |
| Compliance Requirement | Users must comply with applicable contribution limits and deadlines. The governing laws are based on IRS regulations. |
| Record Keeping | Users should keep a copy of the completed contribution remittance form for their records. |
| Signature Authorization | By signing the form, the user authorizes Fidelity to process the contributions as indicated. |
| Contact Information | For inquiries, individuals can visit Fidelity.com/smallbusiness or call 800-343-3548. |
Steps to Filling Out Fidelity Self Employed 401 K
Completing the Fidelity Self-Employed 401(k) form requires attention to detail to ensure accurate contribution allocation. After filling out the form, contributions will be processed and deposited into the designated Fidelity accounts. If any information is missing or unclear, Fidelity may return the form for correction, causing delays in processing. Follow these steps to accurately fill out the form.
- Employer Information:
- Write the Employer Name in the designated space.
- Enter the Employer Tax ID Number.
- Fill in the Plan Administrator name.
- Provide the Daytime Phone Extension.
- Contribution Information:
- List the Employee Name for each contribution.
- Include the Fidelity Account Number.
- Input the Employee 401(k) Contribution and Employer Profit Sharing Contribution for both Current Year (CYP) and Prior Year (PYP).
- Make sure to total the contributions at the end.
- Authorization:
- Print the Plan Administrator or Employer Name.
- Sign the form where it says Plan Administrator or Employer Signature.
- Add the Date in MM/DD/YYYY format.
Review the filled form for any errors or missing information before submission. Contributions should be sent to Fidelity Investments as indicated in the previous section. Keep a copy of the completed form for your records. If assistance is needed, resources are available through Fidelity.com or their customer service number.
More About Fidelity Self Employed 401 K
What is the purpose of the Fidelity Self Employed 401(k) Contribution Remittance Form?
This form serves as a means for self-employed individuals to submit their contribution deposits to a Fidelity Self-Employed 401(k) Plan account. It allows for the proper allocation of funds between employee 401(k) contributions and employer profit-sharing contributions. Accurate completion of this form ensures adherence to contribution limits and deadlines mandated by the plan.
How should I complete the Contribution Remittance Form?
When filling out the form, it is important to use capital letters and black ink for legibility. Begin by providing your employer information, including your Employer Name and Tax ID Number. Next, input the contribution information for each employee and their respective Fidelity account number. Specify the amounts for employee 401(k) contributions and employer profit-sharing contributions, detailing whether they pertain to the current or prior year. Make sure to keep a completed copy of the form for your records.
What are the mailing options for submitting the completed form?
You can submit your contribution deposits via regular or overnight mail. For regular mail, send your completed form and checks to Fidelity Investments, P.O. Box 770001, Cincinnati, OH 45277-0003. If you prefer overnight delivery, use the address Fidelity Investments, 100 Crosby Parkway, KC1H, Covington, KY 41015. Ensure that checks are made payable to Fidelity Investments.
What happens if contributions are not properly allocated?
If the contributions are not allocated as instructed on the form, Fidelity will default to depositing them as employer profit-sharing contributions. In such cases, Fidelity will reach out to address any discrepancies and resolve issues. It is critical to allocate contributions correctly to avoid potential delays or returns of checks due to incorrect designations.
What responsibilities do I have when submitting this form?
As the plan administrator or employer, you hold the responsibility of ensuring compliance with applicable contribution limits and deadlines. You must accurately allocate contributions to the correct employee and source within the form. Failure to do so may lead to administrative challenges or delays, for which Fidelity will not be liable. It is also necessary to indemnify and hold Fidelity harmless against any liability arising from acting on the instructions provided.
Common mistakes
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Using Incomplete or Incorrect Employer Information: It's crucial to provide full details, including the employer's name and tax ID number. Missing or incorrect information can lead to delays or issues with your contributions.
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Neglecting to Allocate Contributions: Clearly indicate how to allocate contributions between Employee and Employer Profit Sharing. Failing to do so can result in automatic misallocation.
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Ignoring Contribution Limits: Make sure to be aware of the applicable contribution limits for both the current and prior year. Not adhering to these limits could result in penalties.
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Skipping Signature and Date: Remember to sign the form and include the date. Submitting an unsigned form can lead to it being rejected.
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Failing to Keep a Copy: It’s wise to retain a copy of your completed contribution remittance form for your records. This can help when disputes arise.
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Using Ink Other Than Black: Always fill out the form using black ink. This helps ensure that the completed form is legible for processing.
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Not Providing Adequate Contribution Details: Be specific about how much you are allocating to each contribution type. Lack of clarity can cause confusion at Fidelity.
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Overlooking Processing Times: Be aware that all deposits may have a clearing period of up to four business days. Plan contributions accordingly.
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Including Contributions Beyond Safe Harbor: If applicable, include any safe harbor nonelective contributions. Omitting these may impact your compliance.
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Not Reviewing the Form Before Submission: Take time to review your form for accuracy and completeness. Submitting a flawed form can lead to unnecessary delays.
Documents used along the form
When managing a Fidelity Self Employed 401(k), several additional forms and documents may be required for effective planning and compliance. Below is a list of commonly used documents that complement the Fidelity Self Employed 401(k) form.
- Employee Contribution Election Form: This document allows employees to officially select how much they wish to contribute to their 401(k) plan from their paycheck.
- Employer Profit Sharing Contributions Form: Use this form to specify the amount of profit-sharing contributions an employer will make to an employee's 401(k) account.
- Plan Adoption Agreement: This agreement outlines the terms and conditions of the 401(k) plan and identifies the adopting employer. It is essential for establishing the plan officially.
- Summary Plan Description (SPD): This document provides employees with crucial information about their plan, including benefits, rights, and obligations under the 401(k).
- Form 5500: Required by the Department of Labor, this annual report provides information about the financial condition, investments, and operations of the 401(k) plan.
- Change of Beneficiary Form: Employees use this form to designate or update their beneficiaries, ensuring that the right individuals receive assets in the event of their death.
- Withdrawal Request Form: This form allows employees to request funds from their 401(k) account, typically for retirement, hardship, or loans.
- Rollover Request Form: Employees use this form to transfer funds from their Fidelity 401(k) to another retirement account without incurring penalties or taxes.
- Tax Withholding Form: This document helps determine the amount of federal and state taxes that will be withheld from distributions, ensuring compliance with IRS regulations.
- Amendment to Plan Document: This document is used to formally modify any part of the 401(k) plan to reflect changes in plan rules or compliance with regulations.
These forms and documents are vital for the smooth operation and management of a Fidelity Self Employed 401(k) account. Proper completion and maintenance of these documents help ensure effective retirement planning and compliance with applicable regulations.
Similar forms
The Fidelity Self Employed 401(k) Contribution Remittance Form is similar to a traditional 401(k) Contribution Form. Both forms serve the purpose of documenting contributions made to retirement accounts. They require basic information such as employer details and employee identification. Each form also includes sections to allocate contribution types, ensuring compliance with contribution limits. This is necessary to help maintain the tax-advantaged status of the retirement account.
Another related document is the Solo 401(k) Adoption Agreement. This agreement outlines the terms under which a solo business owner can establish their 401(k) plan. It captures essential details like the type of contributions allowed (employee and employer) and the specific rules governing the plan. Like the Fidelity form, it also emphasizes the importance of adhering to IRS guidelines to avoid penalties and maintain tax benefits.
The Employee Contribution Election Form shares similarities with the Fidelity form as it allows employees to specify their desired contribution percentages for their 401(k). This document collects necessary information, ensuring employees make informed decisions about their retirement savings. Both forms facilitate compliance with contribution limits set by the IRS, making it easier for employers to handle employee contributions correctly.
A Profit Sharing Plan Contribution Form is another document that serves a parallel function. This form is specifically used for reporting and managing employer contributions to a profit-sharing plan. It includes details on the amount to be contributed on behalf of employees. Just like the Fidelity form, it requires accuracy in completing contributions to avoid mismatches and facilitate smooth processing by the financial institution.
The IRS Form 5500 is also comparable as it is an annual report filed by pension plans. This document provides the IRS with essential information about retirement plans, including the financial condition and the investment status of the plan. While it focuses on annual reporting rather than individual contributions, both forms play vital roles in compliance with federal regulations governing retirement plans.
A Plan Loan Request Form is similar in that it deals with requests related to contributions but focuses specifically on borrowing against a 401(k). Employees use this form to request loans from their retirement accounts, detailing the amount and repayment plan. Both forms help ensure participants understand their responsibilities regarding contributions and withdrawals from their retirement benefits.
The Roth IRA Contribution Form has elements in common with the Fidelity form in that both allow individuals to make contributions toward their retirement savings. The Roth IRA accepts after-tax contributions, and it requires clear documentation of each contribution. Both forms involve allocation of funds and ensuring compliance with annual contribution limits, reflecting a similar purpose of building retirement wealth.
Lastly, the Direct Rollover Form is relevant as it allows individuals to transfer funds between retirement accounts, such as moving a 401(k) to an IRA. This document ensures that the client understands the implications of moving funds and helps maintain the tax-advantaged status of their retirement savings. Like the Fidelity Contribution Remittance Form, it requires accurate completion to avoid tax liabilities and ensure that contributions are properly allocated within the new account.
Dos and Don'ts
When filling out the Fidelity Self Employed 401(k) form, it’s essential to keep a few things in mind. Here’s a straightforward list of dos and don'ts to help you navigate the process smoothly.
- Do type on the screen or use CAPITAL letters and black ink for clarity.
- Do ensure you indicate how to allocate contributions for each employee, adhering to the applicable limits.
- Do keep a copy of your completed contribution remittance form for your records.
- Do verify that all required fields are filled out completely before submission.
- Don't forget to make checks payable to Fidelity Investments, as errors here can delay processing.
- Don't neglect to sign the form, as an unsigned document may be deemed invalid.
- Don't leave any sections blank; missing information can lead to delays or issues with your contributions.
- Don't assume that Fidelity will allocate contributions correctly without clear instructions; you bear responsibility for this.
Misconceptions
Understanding the Fidelity Self Employed 401(k) contribution remittance form can be overwhelming, especially with the various rules and procedures involved. Here are six common misconceptions that need clarification:
- Misconception 1: Only large businesses can establish a Self Employed 401(k).
- Misconception 2: Employees cannot contribute to their own Self Employed 401(k).
- Misconception 3: Contributions can be made without regard to limits.
- Misconception 4: The form can be sent without filling out all sections.
- Misconception 5: Contributions can be made at any time during the year.
- Misconception 6: Fidelity will take care of allocating contributions automatically.
This is not true. Even sole proprietors, independent contractors, and small business owners are eligible to open a Self Employed 401(k). This plan accommodates various self-employed individuals, allowing them to benefit from retirement savings.
While it might seem logical, employees of a self-employed individual can indeed make contributions to the 401(k) plan, provided they meet the eligibility requirements. Self-employed individuals can also contribute as both an employer and employee, maximizing their savings opportunities.
This is misleading. All contributions must adhere to IRS limits for 401(k) accounts. It is crucial to stay informed about these limits to avoid penalties. Failing to comply can lead to the rejection of contributions.
Incomplete forms can create significant delays. Each section of the form is necessary for proper processing. If information is missing, the entire contribution might be returned, which could jeopardize retirement planning.
This is incorrect. There are specific deadlines for making contributions to your Self Employed 401(k), especially if you wish to count contributions against the previous tax year. Understanding these deadlines is essential for maximizing plan benefits.
While Fidelity provides services to manage your account, it is your responsibility to allocate contributions correctly. Clear instructions are necessary. Misallocation can lead to funds being deposited incorrectly, creating potential complications down the line.
By addressing these misconceptions, you can navigate the Fidelity Self Employed 401(k) form more effectively and ensure compliance with all necessary regulations. Stay informed and take action to secure your retirement. Time is of the essence.
Key takeaways
When filling out the Fidelity Self Employed 401(k) form, keep these important points in mind:
- Use Clear Formatting: Type on the screen or fill in using capital letters and black ink. This helps ensure your information is legible.
- Double-Check Contributions: Clearly indicate how to allocate contributions to prevent exceeding limits. Referencing the applicable limits on Fidelity's website is helpful.
- Understanding Deposits: Contributions will be deposited into each participant's core account. If allocation cannot be determined, funds will be deposited as Employer Profit Sharing.
- Keep Records: Maintain a copy of the completed remittance form for your records. This will be useful in case questions arise about your submission.
- Timely Submission: Be aware that deposits might require a four-business-day clearing period. Plan your contributions accordingly to meet any deadlines.
Following these tips will facilitate a smoother experience with your Fidelity Self Employed 401(k) form.